Recapping the 2021 Year-End Numbers
A quick breakdown of our market’s latest news, numbers, and trends.
2021 was a year for the books in our real estate market. There were over six million home sales last year according to the National Association of Realtors. Homes sold in record time, sale prices reached new heights, inventory hit rock bottom, and interest rates remained very attractive.
From November 2021 to December 2021, the average sale price was up 0.72%, inventory was down 11.7%, new listings were down by 19.6%, and closed sales were up by 4%. Year over year, inventory is down a whopping 39.3%, the average sale price is up 19%, and the average days on market is down 35% to 13 days. We anticipate similar trends in 2022. Interest rates will likely creep up this year, but it will still be an amazing market to buy in as long as homes are appreciating. On top of that, it will also stay a great market for sellers as long as inventory remains low.
If you have any questions about the market or are thinking about jumping in yourself, don’t hesitate to reach out via phone email. I look forward to hearing from you soon. Remember to text “SAVVY” to 21000 if you’d like to find out the value of your home.